AC-AC converters are known in the art and are useful in a variety of applications. In a typical AC-AC converter, an AC supply voltage is rectified and the resultant rectified direct current (DC) voltage is converted to a variable frequency AC voltage by an inverter. Electric power is coupled between the inverter and rectifier through what is commonly referred to as a DC link. In most converter systems, the DC link includes a serially-connected inductor and shunt capacitor which act as an LC filter. The use of such filter permits use of simpler drive circuitry for switches in the rectifier and inverter circuits. However, the size of the inductor in such DC link tends to be bulky if the system is designed to operate at low switching frequencies. In addition to the filtering capability of the inductor-capacitor DC link, such link also allows bi-directional power flow and effectively isolates the switching action in the rectifier circuit from that of the inverter circuit. The primary disadvantage of such inductive filter for a DC link is the large size of the inductor and the system performance detriments resulting from use of large reactive elements. Thus it is desirable to employ a DC link which effectively isolates the rectifier and inverter portions of the converter system but avoids the large and bulky size of reactive elements and the performance detriments attributable to such elements.